Discover the importance of extra percentage tables in health and life insurance which indicate the additional premiums for specific medical conditions.
Learn about whole dollar premiums in general insurance, where premiums are rounded to the nearest dollar, providing a convenient, round number for insured parties to pay.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about deposit or provisional premium in general insurance. Discover how it is derived and its significance in initial policy payments.
Learn about Expense Loading in general insurance, which is an amount added to the rate to cover expenses. Find out why it's important for your insurance policy.
Learn about Interest in General Insurance Terms: It refers to the rate of return earned on the premium the insurance company has invested over the term of the policy.
Discover what the Paid Claims Loss Ratio in Health Insurance is, how it’s calculated, and its importance. Learn the key components and implications for policyholders and insurers.
Learn about an assessment company in general insurance terms. Discover how these insurers operate and what it means when premiums are not enough to cover operating costs.
Learn about the Carpenter Plan in reinsurance, where the premium amount is linked to the insurance company's incurred losses over a specific period. This article delves into the specifics of how it works and its implications.
Learn about the premium receipt book in life insurance, its definition, importance, and usage. Discover how it helps in keeping track of premium payments.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Understand the concept of rebate in general insurance terms, including its legal implications and differences from reduced premiums or rate adjustments.
Understand the Incurred Loss Ratio in General Insurance. Learn how the ratio of losses sustained compares to money earned from premiums, enhancing your insurance knowledge.
Learn about Guaranteed Cost Premium, a fixed insurance premium not influenced by loss experience during the policy term. Ideal for Liability and Worker's Compensation Insurance.
Learn about optionally renewable health insurance contracts, where the insurer reserves the right to terminate the policy at specific intervals such as the policy anniversary or premium due date.
Learn about the Adjustment Provision in general insurance policies, which allows changes in premiums, face amounts, and durations of protection. Understand how this key term impacts your insurance coverage.
Learn about the importance of meeting policy conditions in general insurance. Understand how actions like paying premiums on time help in retaining policy validity and ensuring claims are paid.
Understand the concept of flat rate in reinsurance, its derivation from the premium income of the ceding insurer, and its implications in insurance and reinsurance transactions.
Learn about the Joint Underwriting Association, a collective of insurance companies providing specific insurance types, funded through premiums and assessments.
Learn about Mutual Benefit Association in general insurance, where members receive benefits through assessments instead of regular premiums.
Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.
Learn about Noncancellable Health Insurance policies where the insured can maintain coverage by paying premiums, with guaranteed terms and unchangeable premiums.
Learn about outstanding premiums in general insurance, referring to premiums that are currently due but have not yet been paid. Understand the importance and implications of outstanding premiums in policy management.
Learn about the concept of 'Paid for' in general insurance terms. Find out what it means for insurance premiums to be paid and how it impacts coverage.
Explore the intricacies of risk analysis in health insurance, where benefits and premiums are tailored to fit specific groups based on comprehensive analysis.
Learn about step-rate premiums in health and life insurance, including how they increase at predetermined times and their connection with policy terms.
Learn about the expense ratio in general insurance, which represents the portion of the premium dedicated to paying the insurer’s expenses, excluding losses.
Explore the concept of Ledger Cost in Life Insurance, a key metric that represents the net cost of a life insurance policy by considering premiums, dividends, and the policy's end-of-year value.
Discover the concept of Natural Premium in life insurance, which represents the mortality cost for one year. Learn how it impacts your insurance policy.
Explore what a deductible clause is in general insurance terms and how it affects your insurance policy. Learn everything about deductible amounts and clauses in insurance contracts.
Dive deep into the unpaid premium provision in health insurance, an important clause that permits unpaid premiums to be deducted from claim payments. Learn how this provision can impact policyholders and claims.
Understand the concept of underwriting profit or loss in general insurance. Learn how insurers calculate the profit gained or loss experienced from policies and premiums that exceed losses and costs.
Learn about the concept of Association or Syndicate Pool in General Insurance, where a group of insurers collaborates to write large risks and shares the premiums and expenses.
Learn about the concept of consideration in general insurance, where the premium paid by the insured and the future payout of claims by the insurance company form the basis of the contract.
Learn about Limited Payment Life Insurance, where premiums are only paid for a specified number of years but the coverage lasts for the insured's lifetime. Ideal for financial security and budgeting.
Learn about paid-up insurance in life insurance policies, where all premiums are fully paid, guaranteeing coverage without further payments. Understand its significance and benefits.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Learn about the term 'Debit' in general insurance, which refers to the outstanding premiums and areas managed by debit or home service agents. Gain insights into how it affects insurance collection practices.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Discover the significance of Countrywide Rates and how they impact commercial lines insurance premiums and rates across major divisions.
Understand the concept of employee contribution in health insurance and pension plans. Learn how premiums and retirement deductions work.
Learn about the Excess Loss Premium Factor in workers compensation, a crucial element in retrospective rating formulas that limits large loss exposures for insurers.
Explore the benefits and working mechanism of Group Ordinary Life Insurance, featuring equal premium issuance to groups. Ideal for understanding insurance policies related to pensions.
Learn about Interest Adjusted Cost in life insurance—a method that considers the interest your premium payments could have accrued if invested. Get insights on how this calculation reveals the true cost of your life insurance policy.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
Learn about the notice of cancellation in general insurance, including details on written notification of imminent cancellation from either the insured or the insurer.
Learn what Bordereau is in reinsurance, how it helps ceding companies provide essential information to reinsurers, and its impact on loss history and premium history.
Learn about the term 'Experience' in general insurance, which refers to the record of loss associated with an agent, insured, or another category, and can also represent the ratio of losses to premiums.
Learn about general insurance terms, focusing on how insurance reduces risk by transferring it to insurers and the role of premiums and policy contracts.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
Explore the definition and importance of loss ratio in the insurance industry. Learn how the ratio is determined by dividing the losses by premiums paid, with insights into incurred or paid losses and earned or written premiums.
Learn about policy dividends, how they are calculated, and what they signify in general insurance. Understand the benefits for policyholders.
Learn about the concept of renewals in general insurance, focusing on premiums paid toward a renewed policy. Understand how renewals work and their importance in maintaining continuous coverage.
Understand the concept of unearned premium reserve in the context of general insurance. Learn about its significance and how it is represented on an insurer’s balance sheet.
Learn about unearned reinsurance premium, the portion of the premium related to the part of a policy that has been reinsured.
